Dow hits all-time high as materials, energy stocks jump; Nasdaq down 1.3%

Energy stocks rise on US fuel supply disruption fears; tech-heavy Nasdaq Composite Index declined for the first time in three sessions amid the growing anxiety over inflation

The Dow Jones Industrial Average hit a record high on Monday on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks.

Copper miner Freeport-McMoran, aluminum producer Alcoa and steelmaker United States Steel Corp gained between 2.7% and 5.8% as copper prices touched a record high and aluminum scaled a new peak.

The materials sector added 1.3% to hit an all-time high, while the energy index jumped to a more than one-year peak after a cyber attack on top U.S.